Our attorneys have represented national, regional and local banks in connection with disputes over lending practices and enforcements of rights as secured lenders. Our attorneys have also handled large claims in bankruptcy for financial institutions.
We regularly represent both large and middle market companies in DECD loan transactions, and have assisted our clients in obtaining over $60 million in such financing over the last two years.
Pastore & Dailey attorneys acted as counsel to a large Boston-based bank in connection with an SEC action entitled Securities and Exchange Commission v. Reserve Management Company, et al., in the United States District Court for the Southern District of New York. That action arose out of the demise of the Primary Fund, a money market fund that held $785 million in debt securities issued by Lehman Brothers. As a result of Lehman Brother's bankruptcy, the Primary Fund experienced a "run on the bank," and therefore suspended redemptions on September 16, 2008. The Primary Fund came under SEC administration. The SEC administered the distribution of $46.1 billion in Fund assets and at the time of the action, $4.5 billion remained to be distributed. The drop in value and the suspension of redemptions led to multiple lawsuits against the Reserve Fund. The Boston-based bank served as a custodian to the Primary Fund and Pastore & Dailey attorneys assisted it to make sure that the funds held by the bank as custodian remained under an SEC order to provide for indemnification by the Primary Fund, as required by contract.
We regularly represent one of the largest lending institutions in the world.
We also proudly represent several multibillion regional and community banks around the country.